Latest Newsletters & Newsflashes
Apr 03, 2020COVID-19 impact on logistics in Luxembourg: latest developments
Background In response to the Covid-19 crisis, the Luxembourg Government declared the state of emergency by its regulation of March 18th, 2020, and passed several measures in the fight against Covid-19. These measures shall be limited to what is indispensable and strictly necessary and are adequate
Apr 03, 2020ESMA recommends action by financial market participants for COVID-19 impact
The European Securities and Markets Authority ( ESMA), together with National Competent Authorities ( NCAs) closely monitor the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union ( EU). On 11 March 2020 ESMA made the following
Apr 02, 2020The CSSF communication on complaints handling
On 26 March 2020, the CSSF published a communication on lodging out-of-court complaints (the " Communication") available to customers of the professionals subject to the CSSF supervision. Pursuant to the Communication, because of the current situation with COVID-19, the CSSF’s offices are closed to
Apr 02, 2020AIFMD | ESMA Consults on Guidelines on Article 25 (Leverage)
On 27 March 2020, the European Securities and Markets Authority (ESMA) announced a public consultation on its draft guidelines (the " Guidelines") on article 25 of Directive 2011/61/EU on alternative investment fund managers (the " AIFMD") related to leverage risks in the alternative investment
Apr 02, 2020Swing Pricing Mechanism - Update to CSSF FAQ
On 20 March 2020 the CSSF published an updated version of its frequently asked questions on swing pricing mechanism (the “ Updated FAQs”). The original FAQs first released on 30 July 2019 included set of rules on disclosure in constitutional documents, prospectus and organisational arrangements
Apr 01, 2020Tax Forgiveness (Remise Gracieuse) Due to the Passivity of the Tax Authorities
In the course of the year 2017, an employee of Company A prepared and filed the 2015 tax return for Company B, a subsidiary of Company A. The employee however had no authority to do so. A few weeks after filing the tax return, the tax office issued a net wealth tax assessment on the basis of §100a
Mar 31, 2020[Updated on 09/06/2020] Investment Funds | Extension of the CSSF's Deadlines
In recent days, due to the outbreak of COVID-19, the CSSF has published a series of communications addressed to participants in the investment funds sector. A number of them relate to the extension of deadlines for notifications, questionnaire submissions or reports due with the CSSF in upcoming
Mar 30, 2020CSSF Disclosure of information (Transparency Law – MAR)
CONTEXT The European Securities and Markets Authority ( ESMA) issued on 27 March 2020 a public statement (the Statement) to promote coordinated action by National Competent Authorities regarding issuers’ obligations to publish periodic information for reporting periods ending on 31 December 2019 or
Mar 27, 2020Covid-19 | Suspension of deadlines set for proceedings before Luxembourg courts
Due to the current state of crisis, the Government Council adopted the Grand-Ducal Regulation of 25 March 2020, which was published the same day and entered into force on 26 March 2020. Following this Grand-Ducal Regulation, the deadlines set for bringing proceedings before the Luxembourg judicial
Mar 26, 2020Luxembourg Proposes Tax Measures against Blacklisted Jurisdictions
On 25 March 2020, the Luxembourg Government Council approved a draft law which aims at introducing a specific non-deductibility rule for interest and royalties paid or due to an affiliated enterprise established in a jurisdiction which features on the EU list of non-cooperative jurisdictions for tax
Mar 25, 2020Luxembourg Parliament Adopts Law Transposing DAC 6 on Mandatory Disclosures Rules
On 21 March 2020, the Luxembourg Parliament adopted the law implementing Directive (EU) 2018/822 (“ DAC 6”) which introduces new reporting obligations on Luxembourg intermediaries that design, market or implement reportable cross-border tax arrangements. These reportable arrangements are identified
Mar 24, 2020NEWSFLASH | COVID-19: Impact on corporate governance for the Luxembourg companies
In light of the Covid 19 crisis in order to allow Luxembourg companies to function normally and hold their meetings without physical presence to prevent the spreading of the virus at such meetings while avoiding any breach of the provisions of their articles of incorporation or of the law, the
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